DeFi

Hong Kong a unique testing ground for DeFi, metaverse, HKIMR studies show

Published

7 months ago

26 June, 2024

Hong Kong a unique testing ground for DeFi, metaverse, HKIMR studies show

Hong Kong has unique competitive advantages for development decentralized finance (DeFi) and the metaverse as these blockchain technologies continue to evolve, according to two surveys by a government-backed organization.

The city’s advantages, based on surveys on DeFi and the metaverse with financial institutions, include a well-defined legal and regulatory framework, a business-friendly environment, a robust financial infrastructure and network, and highly skilled talent.

The emergence of DeFi and metaverse These technologies “are likely to present various opportunities for the financial services sector in Hong Kong”, said Enoch Fung, executive director of the Hong Kong Institute of Monetary and Financial Research (HKIMR), supported by Hong Kong Monetary Authority.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledgeour new platform of curated content with explainers, FAQs, analyzes and infographics brought to you by our award-winning team.

As the city makes great efforts to become a virtual asset and Web3 hub, the reports offer insights to market players and regulators, locally and internationally, that will help shape policy initiatives and market innovations, Fung said during a press briefing on Tuesday.

Enoch Fung (left), executive director of the Hong Kong Institute of Monetary and Financial Research, and Giorgio Valente, head of HKIMR, hold copies of the DeFi and Metaverse surveys on Tuesday. Photo: HKIMR alt=Enoch Fung (left), executive director of the Hong Kong Institute of Monetary and Financial Research, and Giorgio Valente, head of HKIMR, hold copies of the DeFi and Metaverse surveys on Tuesday. Photo: HKIMR>

HKIMR coordinated with consultancy PwC to conduct both surveys, studying organizations in the asset and wealth management, banking, insurance, virtual assets and metaverse services industries.

A total of 59 entities participated in the survey on DeFi, which consists of the provision of financial services without traditional financial intermediaries, offering a more profitable, accessible and secure alternative. Meanwhile, 55 institutions participated in the investigation into the Metaverse, a technology platform for experiencing virtual reality.

Local market players are increasingly fond of virtual assets. More than half of the financial institutions surveyed in the DeFi survey have already integrated such assets into their core businesses, while 85% of them plan to have done so within three years.

Virtual assets are digital representations of value that can be exchanged, transferred or used digitally for payment or investment purposes. They include tokenized traditional assets, stablecoins, cryptocurrencies, NFT and products around custodian and tokenization solutions.

The story continues

In the Metaverse study, 65% of respondents said they are involved in the world of virtual reality with applications ranging from marketing and promotion to internal operations and from talent recruitment to workplace social events that contribute to promote “interactions with customers, employees and the general public”. public,” said Giorgio Valente, director of HKIMR.

A common challenge is the lack of talent and expertise, which affects the progress of adoption of these technologies, according to reports. Other major obstacles include uncertainty in governance structures, legal and regulatory compliance, cybersecurity and data management risks.

Hong Kong has seen a wave of exits from some of the world’s largest cryptocurrency exchanges, including Binance and HTX, as the city has been criticized for its restrictive regulatory regime.

Fung said the guiding principle for regulating financial innovations around the world was “same business, same risk, same regulation,” with some local nuances.

“The general direction [in] “The international community as a whole needs to ensure a certain level of consistency, coordination and collaboration on many aspects,” Fung said, referring to monitoring risks and data gaps.

“Hong Kong regulators have been very active in these regulatory discussions. We have a role to play in international standard-setting bodies, making our contribution and strengthening our role as an international financial centre.”

This article was originally published in the South China Morning Post (SCMP), the most authoritative voice in reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP application or visit the SCMP Facebook And Twitter pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved.

Fuente

Up Next

Pioneering a new standard in DeFi governance and utility

Don't Miss

Hong Kong’s hopes for DeFi and the metaverse rise amid regulatory pressures – DL News

CoinFlix Staff

We are the editorial team of CoinFlix, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on CoinFlix, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

Click to comment

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

Website: https://presale.rollblock.io/

Social networks: https://linktr.ee/rollblockcasino

No spam, no lies, only insights. You can unsubscribe at any time.

Fuente

DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

Don’t miss a thing – Subscribe to receive email alerts directly to your inbox

Check Price action

follow us on X, Facebook And Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/ktsdesign